Wedge Capital Management L L P NC Cuts Stock Position in PulteGroup, Inc. (NYSE:PHM)

Wedge Capital Management L L P NC reduced its holdings in shares of PulteGroup, Inc. (NYSE:PHM) by 11.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 371,976 shares of the construction company’s stock after selling 46,001 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.18% of PulteGroup worth $40,955,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in PHM. Putnam Investments LLC increased its position in PulteGroup by 1.8% during the fourth quarter. Putnam Investments LLC now owns 11,008,695 shares of the construction company’s stock worth $1,136,318,000 after buying an additional 197,656 shares in the last quarter. Norges Bank acquired a new position in shares of PulteGroup during the fourth quarter worth about $381,960,000. Allianz Asset Management GmbH lifted its stake in shares of PulteGroup by 38.3% in the fourth quarter. Allianz Asset Management GmbH now owns 1,892,229 shares of the construction company’s stock worth $195,316,000 after acquiring an additional 523,623 shares in the last quarter. Los Angeles Capital Management LLC raised its stake in PulteGroup by 0.5% during the first quarter. Los Angeles Capital Management LLC now owns 1,434,016 shares of the construction company’s stock valued at $172,971,000 after buying an additional 7,397 shares in the last quarter. Finally, Captrust Financial Advisors grew its holdings in shares of PulteGroup by 18.4% during the first quarter. Captrust Financial Advisors now owns 1,085,939 shares of the construction company’s stock valued at $130,986,000 after purchasing an additional 168,746 shares during the last quarter. 89.90% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at PulteGroup

In related news, CFO Robert Oshaughnessy sold 28,993 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $129.29, for a total value of $3,748,504.97. Following the completion of the sale, the chief financial officer now directly owns 160,330 shares of the company’s stock, valued at approximately $20,729,065.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.83% of the company’s stock.

PulteGroup Stock Performance

PulteGroup stock traded up $0.67 during trading on Thursday, hitting $122.54. The stock had a trading volume of 1,644,033 shares, compared to its average volume of 1,853,365. The stock has a market cap of $25.43 billion, a price-to-earnings ratio of 9.81, a price-to-earnings-growth ratio of 0.50 and a beta of 1.61. The stock’s 50 day moving average is $117.09 and its two-hundred day moving average is $113.44. PulteGroup, Inc. has a 1 year low of $68.80 and a 1 year high of $135.62. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 0.15.

PulteGroup (NYSE:PHM) last announced its quarterly earnings data on Tuesday, July 23rd. The construction company reported $3.83 earnings per share for the quarter, beating analysts’ consensus estimates of $3.27 by $0.56. PulteGroup had a return on equity of 25.67% and a net margin of 16.75%. The company had revenue of $4.60 billion for the quarter, compared to analysts’ expectations of $4.49 billion. During the same period last year, the firm posted $3.00 EPS. PulteGroup’s revenue for the quarter was up 9.8% compared to the same quarter last year. As a group, analysts predict that PulteGroup, Inc. will post 12.9 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on PHM shares. Royal Bank of Canada raised their price objective on PulteGroup from $113.00 to $120.00 and gave the stock a “sector perform” rating in a research note on Wednesday, July 24th. Barclays upped their price objective on shares of PulteGroup from $131.00 to $150.00 and gave the stock an “overweight” rating in a report on Wednesday, July 24th. Raymond James increased their target price on shares of PulteGroup from $135.00 to $145.00 and gave the company an “outperform” rating in a research note on Thursday, July 25th. Zelman & Associates upgraded PulteGroup from a “neutral” rating to an “outperform” rating in a research report on Wednesday, April 24th. Finally, Evercore ISI upped their price target on shares of PulteGroup from $183.00 to $189.00 and gave the stock an “outperform” rating in a research report on Monday, July 15th. Six investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $133.14.

PulteGroup Profile

PulteGroup, Inc, through its subsidiaries, primarily engages in the homebuilding business in the United States. It acquires and develops land primarily for residential purposes; and constructs housing on such land. The company also offers various home designs, including single-family detached, townhomes, condominiums, and duplexes under the Centex, Pulte Homes, Del Webb, DiVosta Homes, John Wieland Homes and Neighborhoods, and American West brand names.